Autify Network is building essential infrastructures needed in the Supply chain, Commerce, Cross-border payment and Lending for SMEs, Startups & Enterprises. We are working with more than 35 B2Bs and Governments in India, Singapore, Dubai, Australia & Europe, combining all processes of more than $5 billion in cross-border payment every year.

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We are Integrating Stellar (USDC) as a cross-border payment feature in Autify Network and making sure existing users trust the new service for large transactions. Our long-term goal is to build a faster and cost-effective cross-border payment for B2B, SMEs and Enterprises.

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B2B Payment infrastructures: Autify Network building a blockchain-based payment infrastructure using the stellar network.

• Immediate money transfer through any device round the clock 24*7 and 365 days.
• Virtual address of the customer (payment@companyname) for send & receive provides incremental security with the customer not required to enter the details such as Card no, Account number; SWIFT code etc.
• Significantly lower charges - elimination of FX conversion/agent charges.
• Accounting entries can be performed directly in the core systems.
• DLT-based payment infrastructure/ecosystems can reduce liquidity needs for banks/ financial Institutions in managing Cross Border remittances
• API-based connectivity to DLT-based payment Infrastructures.
• Allows the entire cross-border FX payments lifecycle to be managed in the core banking/payments system.

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Supply-chain traceability: The supply chain of the future is significantly enhanced by Distributed Ledger Technology. Original documents and events are reported in real-time and made available to authorized actors. This way, everyone has access to the original data instead of duplicated data in multiple siloed systems. At every point in the supply chain, data must be verified before goods exchange custody.

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By leveraging Autify's tamper-proof distributed ledger, trust can be established between actors and data integrity can be guaranteed. The result is better, faster and more cost-efficient trade.

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Enhancing Track & Trace: Autify makes it possible for different actors along the supply chain to have different access privileges to shipping documents. Our solution maintains immutable records of the entire product journey from the field right down to the end consumer. Information is stored at every step of the supply chain and can be accessed with a simple scan.

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Problems:

Millions of businesses around the world contribute to the nearly $2 trillion in cross-border payments each year. The most common method for US businesses to move funds across borders is SWIFT, which takes a considerable amount of both time and money.

High Cost: Cross-border payments are notoriously expensive due to the number of intermediaries involved in transferring money from one country to another, all of which charge fees for their services. Regulatory costs add up too, while FX fees will also be charged to convert one currency into another.

Slow transactions: Cross-border payments via a traditional bank transfer normally take between two and five days to process — a very slow turnaround time compared to virtually instant domestic payments. Again, this is because so many entities are involved in a single transaction. With a lengthy series of steps to complete, cross-border payments are often delayed as a result.

Security issues: Consumers want to be confident that their money is safe when making international transactions, and of course so do banks. If a hacker is able to steal money from a cross-border payment pathway, there is no guarantee that a bank will be able to recover the stolen funds. Such losses can be extremely costly.

A Lack of transparency: A common complaint both businesses and consumers have about cross-border payment systems is the lack of transparency. In fact, a 2017 SWIFT and EuroFinance survey found that 64% of corporations want real-time payment tracking capabilities, while 47% wanted better visibility regarding the costs and deductions involved. This transparency is very important for businesses and customers who want to ensure they aren’t incurring hidden costs.

How do you use Stellar in your solution?

We are Integrating Stellar (USDC) as a cross-border payment feature in Autify Network and making sure existing users trust the new service for large transactions.

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Stellar blockchain is the principal blockchain we are using to connect different payment entities around the world.  All the user transactions are recorded on Stellar. In particular, we use the USDC stable token as a settlement mechanism for remittances.

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Stellar play a very important role in our operation since anchors will help us handle the on and off-ramp process within the buyer and supplier, to ensure the speed and rates of the transactions along with the opportunity to expand our operations as long as we have anchors in different countries.

• Launched the MVP 6 months ago and worked with B2B companies across the globe. 
• Receive grants from NEAR Foundation, Filecoin Foundation, DFINITY and Biconomy. 
• Selected for India blockchain accelerator by the Government of India and eligible to get funding up to $700K.
• Working with the Government of India and leading brands in the fashion and luxury industries.
• Part of ZilHive incubation, CELO camp & Hatch Web3 Accelerator by Hedera and eligible to receive grants.
• Working with 35 enterprises in India, Singapore, Dubai, Australia & Europe, combining all processes of more than $5 billion in cross-border payment every year.
• Beta payment module development started.
• Raised $1.5 million in funding led by Loop Ventures, Protocol Labs and other prominent investors. 
• Hired a CTO to lead the payment module development.
• Onboarding a big enterprise with $100 billion in annual revenue.
  

• Website: https://beta.autify.network/‍
• Twitter: https://twitter.com/autifynetwork‍
• LinkedIn: https://www.linkedin.com/company/autify-network/‍
• Fundraising PR: https://inc42.com/buzz/blockchain-startup-autify-raises-funding-to-build-products-for-ecommerce-sector/